MARKET WRAP

The S&P was slightly higher, up 0.09%, while the Nasdaq Composite was up 0.3% as traders await the release of May’s core personal consumption expenditures price index on Friday; CNBC notes this is the Fed’s preferred measure of inflation.

Despite the muted action in the major indices, a lot was moving under the hood.

Walgreens had its worst day ever, sinking 22% after the drugstore chain slashed its profit guidance amid a challenging consumer environment.

Micron fell 7% despite posting better-than-expected earnings. According to CNBC, investors are focused on the company’s revenue forecast, which came in line with estimates. Today’s sell-off aside, Micron is still one of the best-performing S&P 500 stocks this year, up around 55%.

Levi Strauss was another earnings loser, the stock fell 15.5% after revenue came in below consensus.

Chipotle closed down 5%. The company recently did a 50-for-1 stock split, with new shares trading for the first time yesterday.

It wasn’t all doom and gloom. CNBC notes that names like Alphabet, Amazon, Microsoft, Royal Caribbean, and Booking Holdings hit new 52-week highs today.

Super Micro, Palo Alto, and Salesforce were among the best-performing stocks, up 7%, 4.8%, and 4%, respectively.

MRKT MATRIX: June 27, 2024

Today’s Top Stories:

• S&P 500 is little changed as traders await key inflation data (CNBC)

• US Recurring Jobless Claims Rise to Highest Since End of 2021 (Bloomberg)

• Amazon Takes On Chinese Rivals Temu and Shein With Plans for New Discount Service (WSJ)

• These are the most expensive S&P 500 stocks heading into the second half (CNBC)

• Startup That Says It Can Help EVs Charge Faster Raises $375 Million (WSJ)

• Confidence Returns to US IPOs With Best Start to Year Since 2021 (Bloomberg)

• Home prices begin to cool as active listings jump 35% (CNBC)

• Americans’ Pandemic Savings Are Gone — And the Economy Is Bracing for Impact (Bloomberg)

• Empty Offices Risk Wiping Out $250 Billion in Commercial Property Value (Bloomberg)

• Trump and Biden’s first presidential debate: Here’s what to expect on taxes (CNBC)

Today’s MRKT Call is Presented by FactSet

Is A Summer Sell-Off Coming?

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Thursday, June 27th.

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